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The Individual Accountability Framework report - November 2022
Mazars and the Compliance Institute are delighted to publish this follow-up to our first Individual Accountability Framework (IAF) readiness survey report in March 2022.
Our November 2022 report is based on 160 survey responses received. July and October 2022 have witnessed further developments in the legislative journey of the Central Bank (Individual Accountability Framework) Bill.
Following the publication of our first survey report in March 2022, further milestones were reached during Quarter 3 and 4, 2022, which has seen the proposed regime develop momentum:
- In July 2022, we saw the publication of the Central Bank (Individual Accountability Framework) Bill 2022 (the 'Bill'), which provided several enhancements to the July 2021 General Scheme (the 'General Scheme').
- In October 2022, the Bill was further discussed at Second Stage in Dáil Éireann, and at the time of writing, the Bill is currently before Dáil Éireann (Third Stage).
The Bill follows a similar structure and focuses as the General Scheme, such that the Individual Accountability Framework (IAF) will consist of four key pillars, specifically:
- The new Senior Accountability Executive Regime (SEAR).
- New conduct standards for regulated firms, their management and staff.
- Enhancements to the existing Fitness and Probity ('F&P') regime.
- Enhanced Central Bank of Ireland (CBI) enforcement powers.
Download the report
IAF readiness snapshot
What is an IAF and SEAR?
The Introduction of an Individual Accountability Framework (IAF) and Senior Executive Accountability Regime (SEAR) places obligations on firms and senior individuals within them to set out clearly where responsibility and decision-making lies.
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